Senate Crypto Bill Passes Key Vote, GENIUS Act Moves Toward Final Passage

The Senate voted in favor of advancing the GENIUS Act, also known as the stablecoin bill, Monday night, overcoming a key procedural hurdle and paving the way for the bill’s final passage.

What Happened: The Senate managed to exceed the three-fifths majority, or the 60-vote threshold, required to invoke cloture and end debate. This action is intended to usher the legislation into a period of extended debate prior to a series of final votes that will determine its passage out of the Senate.

Senator Bill Hagerty (R-Tenn.), the bill sponsor, deemed the development as “groundbreaking,” stating that it would ensure the U.S. dollar dominance and trigger demand for U.S. treasuries.

The House of Representatives is simultaneously working on its own version of the stablecoin legislation. The proposed legislation aims to establish the first U.S. regulatory framework for issuers of stablecoins—digital tokens that are tied to fiat currencies like the dollar. As of this writing, Tether USDT/USD was the largest stablecoin by market capitalization

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Despite early bipartisan momentum, the bill failed a procedural vote on May 8 after Senate Democrats abruptly pulled support over national security concerns, AML provisions, and last-minute resistance from key lawmakers.

The bill passed the closure vote despite vehement opposition by Sen. Elizabeth Warren (D-Mass.), who alleged that the legislation would “turbocharge” President Donald Trump’s corruption.

Photo Courtesy: Framalicious on Shutterstock.com

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